Note: Pictures get screwed up by blogger so you can check out the original pic here:http://f6.grp.yahoofs.com/v1/YLQBRLfALm1M6vMf65at7pnxoBLR5NzykJJKSFEeWO5-WpHXfuUom4Tih3MHnEGaTPIkG9KjYsrBDdFCDUqCNg/Raja's%20Nifty%20Analysis/niftymarch2006.PNG
We have broken all channels to the upside. We're living in the stratosphere.
The mega bulls would now be aiming for 3556!!!
At this juncture. I have a moderately bearish view.
I have recently switched to using pure fibonacci+channels without getting into the nitty gritty of wave counts.
The picture attatched in this post will explain my perspective.
Summary is:
Above 3063 bullish: Targets 3080/3100; max target 3556. A very remote possibility which should not be discarded.
My opinion is that bearishness will surface if we stay below 3080 and 3063.
Targets 2784/2640/2307.
Also a note for the mega bears who are calling this Wv of w5 of wV. There is no divergence on the monthly charts to confirm that hypothesis!! There is divergence on the weekly charts which suggests w5 of say WIII/WI. Some kind of correction is indeed likely. When we get divergence on the monthly charts then I would be comfortable calling a mega wV top.
